Hey there! Sign in to join this conversationNew here? Join for free
x Turn on thread page Beta

How to get out of your overdraft? watch

    • Thread Starter

    Okay, so basically I have an overdraft of £1,000 and I have £30 left :/ ha.
    Get paid on Thursday so that should be about £300 in.
    Student loan in a couple of weeks.

    I'm looking to get rid of my overdraft completely - or at least reduce it to half (£500)

    Can anyone give any tips at all?

    I realize it is going to take a long time, but I'd just like to hear your ideas.

    P.S in my third year of uni, so when I finish in May I am going to increase my hours at work!

    Short answer - don't spend money you don't have.

    Whilst you're at uni you have to accept there will be times you may go into your overdraft. In my first year I didn't go in at all, second year about £500, and final year about £800. But I didn't work whilst I was at uni so it's understandable (26+ timetables lectures).

    Cut down on non-essentials. Clothes, a premium mobile phone contract, alcohol/nights out. Set a budget and stick to it. We all had times when we had to choose between bread and milk. When you're working full time you'll be surprised at quite how much you have each month, use it to pay off your overdraft (don't go short though) then once you've paid it off you wont miss the money to start savings or a private pension.

    Good luck

    As above really, it's quite simple maths. Put in more than the sum of the money you take out and any OD charges, and eventually you'll claw your way out of it. How you go about doing that would require a deeper understanding of your personal finances before people here could give advice.

    Once you've set up a budget remember that your bank will give you a couple of years to pay it off, still interest free. NatWest do anyway.
Submit reply
Turn on thread page Beta
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

This forum is supported by:
Updated: March 27, 2013
Do you agree with the proposed ban on plastic straws and cotton buds?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.